96-10495. Submission to OMB for Review; Comment Request

[Federal Register Volume 61, Number 83 (Monday, April 29, 1996)]
[Notices]
[Page 18774]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-10495]



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DEPARTMENT OF THE TREASURY

Submission to OMB for Review; Comment Request

April 19, 1996.
    The Department of the Treasury has submitted the following public 
information collection requirement(s) to OMB for review and clearance 
under the Paperwork Reduction Act of 1995, Public Law 104-13. Copies of 
the submission(s) may be obtained by calling the Treasury Bureau 
Clearance Officer listed. Comments regarding this information 
collection should be addressed to the OMB reviewer listed and to the 
Treasury Department Clearance Officer, Department of the Treasury, Room 
2110, 1425 New York Avenue, NW., Washington, DC 20220.

Internal Revenue Service (IRS)

    OMB Number: 1545-0004.
    Form Number: IRS Form SS-8.
    Type of Review: Extension.
    Title: Determination of Employee Work Status for Purposes of 
Federal Employment Taxes and Income Tax Withholding.
    Description: This form is used by employers and workers to furnish 
information to IRS in order to obtain a determination as to whether a 
worker is an employee for purposes of Federal employment taxes and 
income tax withholding. IRS uses the information on Form SS-8 to make 
the determination.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions, Farms, Federal Government, 
State, Local or Tribal Government.
    Estimated Number of Respondents/Recordkeepers: 9,730.
    Estimated Burden Hours Per Respondent/Recordkeeper:
      Recordkeeping--34 hr., 55 min.
      Learning about the law or the form--12 min.
      Preparing and sending the form to the IRS--46 min.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 349,210 hours.

    OMB Number: 1545-0146.
    Form Number: IRS Form 2553.
    Type of Review: Extension.
    Title: Election by a Small Business Corporation.
    Description: This form is filed by a qualifying corporation to 
elect to be an S corporation as defined in Internal Revenue Code (IRC) 
section 1361. This information obtained is necessary to determine if 
the election should be accepted by the IRS. When the election is 
accepted, the qualifying corporation is classified as an S corporation 
and the corporation's income is taxed to the shareholders of the 
corporation.
    Respondents: Business or other for-profit, Farms.
    Estimated Number of Respondents/Recordkeepers: 500,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:
      Recordkeeping--6 hr., 13 min.
      Learning about the law or the form--3 hr., 5 min.
      Preparing, copying, assembling, and sending the form to the IRS--
3 hr., 18 min.
    Frequency of Response: Other (once).
    Estimated Total Reporting/Recordkeeping Burden: 6,305,000 hours.

    OMB Number: 1545-1394.
    Form Number: IRS Form 1120-SF.
    Type of Review: Revision.
    Title: U.S. Income Tax Return for Settlement Funds (Under Section 
468B).
    Description: Form 1120-SF is used by settlement funds to report 
income and taxes on earnings of the fund. The fund may be establishment 
by court order, a breach of contract, a violation of law, an 
arbitration panel, or the Environmental Protection Agency. The IRS uses 
Form 1120-SF to determine if income and taxes are correctly computed.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents/Recordkeepers: 1,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:
      Recordkeeping--17 hr., 56 min.
      Learning about the law or the form--.3 hr., 5 min.
      Preparing the form--6 hr., 19 min.
      Copying, assembling, and sending the form to the IRS--.48 min.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 28,140 hours.
    Clearance Officer: Garrick Shear [phone], Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, N.W., Washington, DC 
20224.
    OMB Reviewer: Milo Sunderhauf [phone], Office of Management 
and Budget, Room 10226, New Executive Office Building, Washington, DC 
20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 96-10495 Filed 4-26-96; 8:45 am]
BILLING CODE 4830-01-P